Pain not over yet for the mortgage belt as Perth property prices increase

Latest house price data shows a slight increase for Perth for November – the first rise in more than 12 months.

Figures from CoreLogic show property prices rose point-four percent.

President of the Real Estate Institute of WA Damian Collins says it’s welcome news – however he expects pain to continue in the bottom end of the market for a little while longer.

“That central sub-region which is all the established suburbs within that band that was up within that whole quarter not just for the month but there is still that problem in the outskirts where there is still a bit of oversupply,” he told Gareth Parker.

“Perth’s not one whole market, some sectors are going to do better than others but I think certainly those areas we can be pretty optimistic that that bottom has passed.